Traditionally marketing was focused on selling products and services the company offered.
In today’s digital world the role of marketing has transformed to a customer centric approach with emphasis on an ongoing exchange of information and insight among buyers, sellers, prospects and partners.
Technomarketing is the confluence of technology and marketing which is driving the marketing strategies of brands today.
According to a recent Gartner study, improving customer experience is the number one expectation CEOs now have of their marketing executives.
The marketing strategies are focused on creating experience and value for the customers using technology and analytics. The most important factor driving experience is how brands engage with customers at every touchpoint.
Understanding the changing consumer behavior landscape…
Essentially the customer journey today has seen a significant change in how they interact with different devices. With the access to internet anywhere, anytime the interactions consumers have today are very dynamic. As a result of this evolution, the consumers behavior has changed drastically since the days of traditional media such as TV Commercials and radio ads.
It has become more difficult to reach the consumers and get their attention to your marketing efforts. Research suggests that 30 seconds or less is how long consumers typically spend absorbing digital marketing content. This is the challenge today’s marketers are facing with their changed consumer habits and expectations.
Some of the key trends of the consumer behavior are:-
High-Value Marketing: Connecting Customers through Technology, Analytics, and Collaboration
Today consumers, particularly Millennials, are looking for a relationship with brands. It’s not just about the value they receive from product anymore. Consumers want to trust a brand and stand behind brand values.
Thus marketers should aim to create sustained value, considering both the long-term and short-term motivations in marketing a product or service.
“Companies that have captured the full customer journey by integrating multiple sources of data are generating up to 8.5X higher shareholder value”
A transformation of marketing is underway as we spend more time on our mobiles, tablets and laptops. The challenge for brands is to connect with customers through all these devices in real time and create campaigns that work across social media, display advertising and e-commerce.
The modern-day marketing needs to combine
- the creative side, using powerful story-telling to tap into people’s wishes and aspirations
- with the technical side of data, digital engineering and analytics
Case Study: How Shoppers stop use the data to drive decisions
Shoppers stop has 3 mn people in First Citizen (loyalty programme) database, who contribute to around 71% of sales.
The data of 3 mn customers goes back 18 to 19 years for most of the customers. This is real user data – not market research data. Shoppers stop started using it a lot for adjacency analysis. It threw up things like people who bought a suit, coming back within 10 days to buy a shirt or a belt, or a pair of shoes. This consumer behavior was used to run marketing campaign to people who buy suits and jackets by triggering a promotional messgae on an accessory to go with it. Shoppers stop has been using adjacency which has gotten bigger, more robust and smart over last few years.
What do you need to build a modern marketing capability?
Marketing 5.0 suggests a 10-step framework to guide marketing leaders through the process of building a modern marketing capability. The steps include:-
- Align the company on the value of being customer-centered and delivering great experiences
- Develop segments and personas to guide your efforts
- Map the end-to-end decision journey for each persona
- Define cross-discipline planning and orchestration processes
- Envision what experiences could be both possible and mutually beneficial, then determine how to get the enabling data
- Prepare a prioritized infrastructure and experience development roadmap and secure financial and talent resources
- Implement key applications and a data management infrastructure
- Build and manage personalized experiences and campaigns across key touch points seamlessly
- Create a cross-discipline analytics framework to optimize the system, then test and learn
- Prepare policies for the organization to manage privacy, legal and “creepiness “ issues related to customer data
“The real stars are the ones who can balance a passion for technology, data, fashion and creativity at the same time.”